The GDP forecast for Q1 and Q2 of 2022 has risen…but the same can’t be said for the back half of 2021. For Q3 and Q4 of this year, the GDP is looking to have increased at an annualized rate of 3.8%, where previously much faster growth was expected of 6.7%. When looking at 2022, the first half is shaping up to see growth quicker than originally forecasted at an annualized rate of 3.9% rather than the earlier forecast of 3.5%. As far as unemployment rates go, they are expected to be lower than previously forecasted.
The lowest jobless rates in November go to Nebraska and Utah at 1.8% and 2.1% respectively. These rates are the lowest jobless rates for these states since at least 1976. Other states seeing their lowest jobless rates since that year are Georgia (2.8%), Oklahoma (2.5%), and West Virginia (4%). The highest unemployment rate in November goes to California at 6.9%, with Nevada close behind at 6.8%.
When compared to pre-pandemic levels, the number of part-time and flexible hour jobs is 47% higher. Between September and October 2021, more than 2 million part-time and flexible hour jobs were posted, whereas in the same timeframe in 2019, just over 1.2 million were posted.
According to PeopleReady, these are the most in-demand jobs this holiday season:
- Restaurant servers
- Warehouse associates
- Package handlers
- Prep cooks
- Cleaners and housekeepers
- Order fillers/package sorters
Initial jobless claims are on the rise by 18,000 last week to hit 206,000. However, the week before last hit a 52 year low even with an upward revision of 4,000…the lowest count since 1969. Falling by 16,000, the four-week moving average of jobless claims marked another new post-pandemic low and the lowest level for this average since 1969 (when it was 202,750).
Erin and Team BountyJobs